Stock liquidity and stock prices crash-risk: Evidence from India

Chauhan Yogesh; Kumar Satish; Pathak Rajesh

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Stock liquidity and stock prices crash-risk: Evidence from India

机译：股票流动性和股价崩溃风险：来自印度的证据

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In this paper, we examine the role of stock liquidity as a governance mechanism to discipline managers for withholding bad news (stock price crash-risk). This topic is useful to emerging markets because the dominance of controlling owners limits the monitoring of internal governance. Stock liquidity can be altered by the financial market regulations, thereby improving firm-level governance. In empirical analysis, we show that stock liquidity decreases stock price crash-risk. We identify two possible mechanisms through which stock liquidity reduces stock price crash-risk: the threat of intervention and price informativeness. (C) 2017 Elsevier Inc. All rights reserved.

机译：在本文中，我们研究了股票流动性作为规制经理以隐瞒坏消息（股价崩盘风险）的一种治理机制的作用。该主题对新兴市场非常有用，因为控制所有者的主导地位限制了对内部治理的监控。金融市场法规可以改变股票的流动性，从而改善公司一级的治理。在实证分析中，我们表明股票流动性降低了股票价格崩溃的风险。我们确定了股票流动性降低股票价格崩盘风险的两种可能的机制：干预的威胁和价格信息。（C）2017 Elsevier Inc.保留所有权利。

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来源
《The North American journal of economics and finance》 |2017年第7期|70-81|共12页
作者
Chauhan Yogesh; Kumar Satish; Pathak Rajesh;
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作者单位

Indian Inst Management Raipur, Dept Finance & Accounting, GEC Campus, Raipur 492015, Madhya Pradesh, India;

IFHE Univ, IBS, Hyderabad, Andhra Prades, India;

IFHE Univ, IBS, Hyderabad, Andhra Prades, India;

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正文语种 eng
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关键词
Crash-risk; Stock liquidity; Block ownership; Threat of intervention; Price informativeness; Emerging markets; India;

机译：崩溃风险;股票流动性;区块所有权;干预威胁;价格信息;新兴市场;印度;

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Stock liquidity and stock prices crash-risk: Evidence from India

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